In the wake of the recent business disruption, we’ve witnessed a seismic shift from traditional office spaces to the widespread adoption of remote work. We turn to regional business leaders for insights into this transformation and its relevance to our ongoing exploration of Navigating Disruption.
Prepare for the Unpredictable
Insurance companies, well-acquainted with risk management, are now proactively addressing unforeseen challenges. The president and CEO of an insurance firm with a multi-state presence revealed their comprehensive approach, including contingency planning for various scenarios.
“Our committee meets quarterly to discuss risks beyond insurance, such as pandemics. We already had a pandemic plan in place, which allowed us to swiftly transition to remote work when needed.”
However, many organizations faced hurdles in facilitating remote work setups. A community bank’s president shared their experience:
“We initially lacked the hardware and software licenses needed for remote work, causing delays. We also encountered issues tracking overtime for part-time remote workers due to the limitations of traditional time-clock systems.”
Pros and Cons of Remote Work
The pandemic brought to light several advantages of remote work for employees, such as eliminating commute times and providing greater scheduling flexibility. Leaders noted institutional benefits like broader recruitment opportunities, cost-effective office space management, and reduced disruptions due to weather-related issues.
Regarding recruitment, the president of an insurance company explained:
“We can now hire individuals from anywhere and offer flexible work arrangements. For instance, an applicant in Chicago can work remotely part-time, eliminating the need for relocation.”
While remote work has its benefits, it also poses challenges, particularly for businesses that rely on local customer relations. Sales staff at the insurance agency found it difficult to build relationships with clients remotely:
“Our agents prefer face-to-face interactions to discuss insurance needs. Developing trust and relationships online can be challenging.”
Adapting Office Spaces
As the future of centralized working locations remains uncertain, office configurations and maintenance are evolving. Some companies are redesigning workstations and implementing enhanced environmental cleaning measures. However, certain aspects, like off-site work and client visits, present more complex challenges.
“People need to become comfortable with in-person interactions again, especially for crucial vendor relationships. It will take time to ramp up that aspect of the business,” explained the insurance company’s president.